Binance Grabs 60% of SpaceX Derivatives Market Share

Binance has emerged as a significant player in the derivatives market, particularly when it comes to SpaceX's offerings. The cryptocurrency exchange revealed that it holds more than 60% of the market share for Space Exploration Technologies Corp.'s (SpaceX) perpetual futures, SPCXUSDT.

In an official statement, Binance noted that SPCXUSDT has become its second-largest traded product after Bitcoin perpetuals (BTCUSDT). This is a notable development, especially considering the recent trading volume recorded by this derivative.

The exchange reported over $5.6 billion in trading volume for SPCXUSDT within 24 hours ending June 13. Moreover, accumulated volume across SpaceX's pre-market debut and post-listing phases on Binance surpassed $9 billion.